The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-10
VOICE OF THE PE0PLR.
Senator Georges Letter ON the Mis-
sfssippt University Debt.

written a very long letter e~ndeavoriDg
10 show that the State OF Mississippi
dees not owe any debt to the Mitsls.
sippi university, and it is sure that
Hon. +. Mayer, the able professor OF
law in the Mississippi university, 10
preparing a reply to it. The repu,a.
ton which Mississippi acquired by its
reputation OF the Union bank bonds,
whether she was constitutionslly
bound for them or not, was hurtiul to
her financially, and her reputation
OF the Painters bank bonds was still
more hu. tful, becau'e the legality of
that deot was never denied.
Senator Georgexshow that the
Planters' bank wash pet institution OF
the State that the State was = stock.
holder 10 the amount Of $4,000, 600,
that being one-hsli Of the capital stock
OF the bank; that ths State was the
trustee OF the university for q dona.
ton to II by the United Stater, and
that the Sta Q deposited this fund In
the Planters' bank, where IL was lost
by the failure OF the bank. Without
considering whether a private trustee
would or would not he liable for this
lost fund under the circumstances,
the State, as q hustee for her own
"ducable children DOES not sIAnd on
me same footing "a a private trustee,
and should be held TO q more rigid
accountability. After many years OF
controversy v the matter he Lsgis.
lature OF Mississippi, IN 1880. recog.
nized this debt as being $5ii,06l 20,
which was about one.iourth OF what
the university claimed, and sgreed
TO pay interest on IL at 5 per cent. per
snnum This interest 10 all that the
university has Tor maintenance, and
10 barely suh cient for its scaut sop
port. The State could not In decency
appropriate lees for the university,
and therefore ID 10 question OF no
practical importance whether this
amount Ia paid yearly az a voluntary
appropriation or AZ interest on a debt
from the State as a trustee for the
university fund. But II is q matter Of
great importance 10 the repu alton OF
the State whether she will again APP
peer before the public in the role Of a
repudiator.
Senator George rays the 8 a'e bad
accumulated q school fund of iis osn
from fines, 4 Jrfeitures, etc, aud that
this, too, was lost on the failure OF the
Planters bank, and therefore the
State IL not bound 10 make good the
fund donated byI the United $ a,es TO
u Q State ss q trustee and loet. THIS
Ia a mon s%equitur."
Under "a present constitution, a
tchcol fund Of about $4,000 was 20
cumulatsd from hnes, iofieitures, ETC.,
which was fqlandered during the
radical rule, and yet II stands on the
books ss q debt due from the State TO
the common school fund. This has
bsen practically repudlAted by the
State administration since 1876. 40 no
Interest on this debt 10 paid. Senator
George says the State had no poyer 10
take this seminary iund and pay In.
teresi o. II, and therefore 10 not 70.
spDBsible for its loss, aud yet the State
does take the C~hicfasaw tcL.ool fund,
donated from the Unl,ed States 10 the
cou ties embraced IN the @, sslon of
"a d. from tHs Ohio tasas Indianp,
a d ptys intei est on that fund. But
tue STATE has been guilty OF another
&C u quati population 80 10 this
iuud Tue ) "a loaned q large part
Of this money 10 railroads, who paid
II back Ia Confederate money, winch
was declared illegal, and on a com.
promise With the railroads after this
payment by the railroads q large
amount Of this fund was lost. The
Governor In his last message prop sed
that the interest paid by the State on
this Chickasaw school fund debt
should be reduced iTom.6 to 4 per
cent
This would be- practical repudiatiou,
bsc,uss this 10 already put on the
books OF the Treasurer as = debt, the
principal OF which Ia 10 be paid.
II the principal 10 never 10 be paid
and the State makes . forced rsduc.
ton In tie interest this 10 conf sea
ton and reputation combined.
IL N greatly TO he regretted that n
man OF tho character and standing OF
senator George should be encoursg.
ing Reputation In any form where
the bulk NJ tbs S,ate debt OF Mes ..
sippi 70 o reported every year Ia
dos b the Ohlckasaw school fund, the
common school iuDd, ths seminary
ia d Ard the agricultural school iuud,
allof which, except the common, were
derived from thu United States for
these ,ptoisl purposes.
II ths d bt TO ne seminary iund ia
repuuiz,ed the Others will follow on
tho plea,nrable pre'eIt that tha
Uuited $ s,ss only turned over 10 the
) ate whst b e'ongsd 10 her, and that
the State, alter receiving the funds,
eau do wnAt che plsases with a. EN-,
without any regard 10 the trusts i'm.
nopa by the United s.A,es on the
idnds In the hands OF the State.
Nj NJ sirriAS.